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QEWC profits 'exceed budgeted level' in H1

State utility sees 18% rise in net profit

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The Ras Abu Fontas plant in Qatar. Image courtesy of QEWC.
The Ras Abu Fontas plant in Qatar. Image courtesy of QEWC.

State-owned Qatar Electricity and Water Company (QEWC) has said that its first-half net profit has exceeded its budgeted level, although the firm did not elaborate on what it had expected for the period, or the for the rest of the financial year.

QEWC reported an 18% rise in net profit during the first half to US $114 million (QR415.08 million). A company representative added that the period saw a 20% increase in sales, leading to a 19% increase in earnings.

“QEWC exceeded its budgeted profit and is expected to continue to have better performance in the future,” said business development manager Khalid Mohamed Y Jolo, according to the Gulf Times newspaper.

“QEWC’s achievements reflect our commitment to meet the targeted supplies to Kahramaa and to fulfill our commitment to the Qatari society.”

The company also provided a report on its ongoing projects, specifically the Ras Abu Fontas desalination plant (RAF A1), Ras Girtas Power Company and Mesaieed Power Company.

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